Latest news with #propertygrowth
Arabian Business
2 days ago
- Business
- Arabian Business
Oman real estate transactions hit $2.17bn by April 2025, showing 9.7% growth
The total value of real estate transactions in Oman reached RO 833.9 million ($2.2bn) by the end of April 2025, reflecting a 9.7 per cent increase compared to OR760.2m ($1.98bn) during the same period in 2024, according to the latest data from the National Centre for Statistics and Information (NCSI). Key highlights from the data include: Fees collected from all legal transactions rose by 18.4 per cent, reaching OR24.3m ($63.1m), up from OR20.5m ($53.3m) in April 2024 The traded value of sales contracts increased by 13.7 per cent, amounting to OR408.5m ($1.06b), compared to OR359.4m ($934m) in April 2024. Despite this rise, the number of sales contracts fell by 1.4 per cent, with 21,087 contracts compared to 21,385 in the same period last year Mortgage contracts saw a 6.1 per cent increase, totalling OR421.5m ($1.09bn) across 7,164 contracts, compared to OR397.2m ($1.03bn) for 6,482 contracts in April 2024 Exchange contracts showed a slight decrease in volume, with 436 contracts worth OR3.9m ($10.1m), compared to 465 contracts worth OR3.6m ($9.4m) during the same period in 2024 Additionally, the number of issued property deeds increased by 1.7 per cent, reaching 73,432 by the end of April 2025, compared to 72,181 in the previous year. Oman real estate growth However, property deeds issued to GCC nationals dropped by 3.9 per cent, totalling 394 compared to 410 in April 2024.
News.com.au
09-05-2025
- Business
- News.com.au
Home price surges predicted for NT
Territory home prices are expected to surge by up to 107 per cent by 2030 if the pandemic price boom is replicated. Exclusive PropTrack analysis forecasted strong growth across many Territory markets in the next five years, with homeowners predicted to see their properties increase in value by hundreds of thousands of dollars. The top performer of 2030 was expected to be the Muirhead house market, with 107 per cent growth across five years and the median house price jumping from $730,000 to $1.512m, based on trends since the pandemic boom. Meanwhile, Dundee Beach would likely see the average cost of a house hit $564,000, up 66 per cent from the current median of $340,000. Sitting in third place was the Millner unit market, with the average sale price looking to shoot up 64 per cent by 2030, from $333,000 to $543,000. Rounding out the top five were the Coconut Grove unit market, predicted to increase 62 per cent to $595,000, and the Nightcliff house market, up 61 per cent to $1.609m. In regional NT, the top spot was taken out by Katherine East with the average cost of house expected to grow 52 per cent by 2030, from $330,000 to $501,000. Ray White Darwin director, Andrew Harding said the suburbs expected to see the highest increase in price were of no surprise. 'In the Muirhead market, most the properties are selling below replacement value, so it makes sense those properties will double,' he said. 'Dundee Beach is fast growing as a Territory hotspot for holiday makers. 'While in Nightcliff, there have been sales over $2.5m, which has never happened before. 'When you factor in that new benchmark, $2m in Nightcliff will become the new normal before long.' Mr Harding said with Darwin remaining the cheapest capital city in Australia with the highest rental yields, there was plenty of room future growth. 'Given the level of investment from interstate buyers at the moment who see huge value in Darwin, it's possible we'll see those predicted price increases,' he said. 'I think what we're seeing now is the calm before the storm. 'There's just over 500 properties for sale in the Darwin region, where normally that figure sits around 1300. 'Supply and demand is driving the market and we're seeing a fifty-fifty split between investors and owner occupiers. 'Anything below $650,000 is heavily first homebuyers and investor driven, and anything north of $1m is locals looking to upsize or downsize. 'The tricky space is between $700,000 and $1m, where there is very low supply and lots of people looking to buy, typically first homebuyers and families.' Mr Harding said the high and low ends of the market offered buyers good opportunities to see capital gains. 'I think blue chip properties around the 0820, anywhere along coast with 800 sqm, you can't go wrong buying those homes,' he said. 'In the lower end of the market, properties around Gray, Moulden and Woodroffe will see good growth.' NT PROPERTY PRICE PREDICTIONS – 2030 Suburb Property type Current med price 5 year % change Med price 2030 Muirhead House $730,000 107% $1,512,000 Dundee Beach House $340,000 66% $564,000 Millner Unit $333,000 64% $546,000 Coconut Grove Unit $367,000 62% $595,000 Nightcliff House $998,000 61% $1,609,000 Parap Unit $446,000 59% $710,000 Katherine East House $330,000 52% $501,000 Gray Unit $270,000 50% $405,000 Durack House $575,000 48% $850,000 Rosebery Unit $366,000 41% $515,000 (Source: PropTrack)
News.com.au
09-05-2025
- Business
- News.com.au
Forecast shock: Surfers Paradise home prices to hit $9m by 2030
Surfers Paradise could become a $9 million suburb by 2030 if the extraordinary growth of the past five years were to continue. New modelling by PropTrack, based on trends since the pandemic boom, reveals just how far Gold Coast property prices might climb unless the market moderates within the next five years. The forecast projects values more than doubling across some of the city's most popular beachside pockets as well as the most affordable unit markets. Houses in the Glitter Strip capital of Surfers Paradise were tipped to soar from the current median of $4m to a staggering $9m by 2030 — an increase of 126 per cent. A similar surge in blue-chip Mermaid Beach would see homebuyers fork out $6.46m, up from $3.2m now. The modelling identifies 16 Coast suburbs where median house prices could top $3m, including Broadbeach, Bonogin, Miami, Palm Beach, Benowa and Reedy Creek. In traditionally more affordable areas like Nerang, Southport, and Labrador, unit prices are projected to rise to about $1m. An apartment in Labrador, for example, would climb from $685,000 to $1.29m — up 88 per cent. Statewide, the current typical home price of $838,000 across all houses and units would surge 84 per cent, or $689,572, to $1.53m. PropTrack senior economist Angus Moore said growth would continue across the nation's property markets, albeit not at the bullish pace recorded post-Covid. While the projections were hypothetical, they underscored the dramatic shift in property values since 2020. 'Given how challenging housing affordability is at the moment — last year was, on our measures, the worst in at least three decades — that's obviously favouring more affordable areas,' Mr Moore said. What your home will be worth in 2030 'A life less ordinary': Medieval castle on the market He said demand had shifted toward cheaper capital cities and outer-suburban pockets. 'Queensland's been one of the big beneficiaries over the past five years. It's seen a lot of interstate migration, particularly from New South Wales and Victoria… and that's driven incredible growth, especially in regional Queensland.' The Gold Coast's enduring appeal, bolstered by lifestyle factors, ongoing infrastructure developments, and economic opportunities, continues to drive demand, according to local agents. First National Surfers Paradise agent Russell Rollington said the $9m projection for the Glitter Strip capital was 'an ambitious estimate', but 'definitely possible' given the performance of the past five years. 'Prime absolute beachfront and waterfront properties are leading the charge and they are only becoming more sought after as the population increases,' Mr Rollington said. He recently sold a Surfers Paradise sub-penthouse off-market for $7m — more than double its 2020 sale price — to a Sydney buyer who had holidayed on the Coast for 25 years and decided to make the move fulltime after retiring. 'Demand is still stronger than supply — we can't see that changing anytime soon. 'Genuine buyers are keen to get their foot in today as most feel prices will only continue to increase. I speak with buyers all the time from the other states and overseas, and they say it is their dream to move to the Gold Coast, so Surfers Paradise has a bright future.' Buyers agent Lauren Jones said the modelling was based on 'an unprecedented property boom' which was unlikely to be repeated. 'But then again, back in the day people were paying $20,000 for a house and never could've imagined a house costing even $100,000,' she said. Ms Jones said the projections didn't stack up against income data. For example, SQM Research pegged weekly family income in Logan Central south of Brisbane at $1,423 by 2026, while estimated repayments on an 80 per cent loan at 6.5 per cent interest would total about $1,804 per week, based on the PropTrack price forecast.
